How To Reduce Your Insurance Accounts Receivable And Get Claims Paid Faster
Life insurance, health insurance, motor vehicle insurance and (strictly if applicable) malpractice insurance – all intend to help the end consumer work seamlessly, live comfortably and breathe easily.
However, repeated corrections in accounts receivable lead to much mental stress for all those associated with this process. Further, it troubles those who have to generate them. This includes the healthcare practitioner’s office, and ultimately, the patient.
Since everything boils down to the patient as the customer, we should receive the funds of the claims faster. Let us see how we can do it.
Revenue Cycle Management Chain: Right from Generation of Patient Bill to Actual Payment
The need of the hour then is to reduce the time taken for “claims processing” and ensure accounts receivable are kept at a minimum. This can be done by implementation of the following:
Greater efficiency and Lesser Wastage of Resources
The ancillary medical staff should come qualified in the processes involved. It comprises medical coding, billing and also communicating to the insurance carriers. This applies to the insurance companies too. The generation of medical bills starts right after the initial examination of the patient. And, it sums up until the actual monetary amount is credited to the healthcare provider. You can reduce this entire process of the “accounts receivables” that forms part of the complex and extremely time-sensitive key function known as Revenue Cycle Management.
Any clog in this wheel and the disadvantages, not merely monetary, can increase the magnitude.
Innovation in Available Processes
The revenue cycle for ‘Insurance Accounts Receivables’ begins with a patient walking into a caregiver’s office, clinic or hospital and ends with that caregiver receiving due compensation for his services, time and sometimes, empathy over and above the two formers. Not only the patient, but even the physician also undergoes a lot of stress.
Being up-to-date with the latest in medical billing and newer technology are the crux for ensuring faster claims and reducing Insurance Accounts Receivables.
Accepting the limitations of the Healthcare Insurance System/Healthcare Practitioner Business Model:
There is no such thing as an optimal RCM (Reverse Charge Mechanism). It needs to improve constantly upon itself.
It is not for nothing that most hospitals are ‘Not for Profit.’ That means an increase in revenue gets pooled back into the system. This should be essentially in place to help patients heal.
So, to conclude, from identification and rectification of process lacunae to creating new processes themselves, the “Kaizen” philosophy of management should work for faster claims processing.
Implementing the Principles
It is best to adapt these principles at the core.
Personal Discipline and Improved Morale
Any and every healthcare worker who puts the patient before himself leads the way for optimal processing of claims and insurance reimbursement.
Teamwork
Positive outlook in recruiting and training personnel, keeping in mind their necessities, builds teamwork with a uniquely positive cumulative effect on institutional efficiency.
Quality circles
A relatively new term, quality circles means an “optimal” chain of the management processes. Here, each resource can help in a multipronged manner to the best of its capacity. This avoids duplication altogether. For instance, the process can use the same mobile phone of a healer for anything and everything between securing patient appointments to confirming billing numbers.
Ultimately, Suggestions for More Improvement:
Optimization of resources and enhancing personnel efficiencies along with their morale can refer to as the holy grail of faster claims payment. Moreover, the revenue cycle management should be open yet transparent for everyone to understand easily.
Takeaway
The process is a financial burden on all involved. And, more so, it affects the patient who is also the health insurance consumer. You can call them the fulcrum of the healthcare business model and the start and endpoints of the monetary aspect of the insurance industry. Lastly, so also is the healthcare business owner.
If you want a faster and top-notch process following company, Medical Healthcare Solutions Inc. is the one to look for. With decades of experience in medical billing, you can have a seamless journey of medical billing.
